Bank of Montreal Can Sells 340,796 Shares of Canadian National Railway (NYSE:CNI)

Bank of Montreal Can lowered its stake in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 2.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,346,289 shares of the transportation company’s stock after selling 340,796 shares during the quarter. Canadian National Railway accounts for 0.7% of Bank of Montreal Can’s portfolio, making the stock its 24th biggest position. Bank of Montreal Can’s holdings in Canadian National Railway were worth $1,556,378,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of CNI. Norges Bank bought a new stake in Canadian National Railway during the fourth quarter worth $563,048,000. Canoe Financial LP purchased a new stake in shares of Canadian National Railway during the 4th quarter valued at $216,943,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Canadian National Railway by 29.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,814,469 shares of the transportation company’s stock worth $488,488,000 after purchasing an additional 1,102,977 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Canadian National Railway by 29.0% in the 4th quarter. Geode Capital Management LLC now owns 3,306,192 shares of the transportation company’s stock worth $340,987,000 after buying an additional 743,712 shares during the last quarter. Finally, Toronto Dominion Bank grew its position in Canadian National Railway by 64.5% during the third quarter. Toronto Dominion Bank now owns 1,492,218 shares of the transportation company’s stock valued at $174,813,000 after buying an additional 584,832 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on CNI shares. Loop Capital cut shares of Canadian National Railway from a “hold” rating to a “sell” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. upgraded Canadian National Railway from a “neutral” rating to an “overweight” rating in a research note on Tuesday, January 7th. Jefferies Financial Group upgraded Canadian National Railway from a “hold” rating to a “buy” rating and set a $120.00 price objective on the stock in a research note on Friday, January 10th. Royal Bank of Canada cut their target price on shares of Canadian National Railway from $174.00 to $171.00 and set an “outperform” rating for the company in a research report on Friday, January 31st. Finally, Wells Fargo & Company decreased their price objective on Canadian National Railway from $125.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $123.36.

Canadian National Railway Price Performance

Shares of Canadian National Railway stock opened at $96.61 on Monday. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 0.94. Canadian National Railway has a 52 week low of $93.64 and a 52 week high of $132.27. The company has a market cap of $60.71 billion, a PE ratio of 18.87, a P/E/G ratio of 1.95 and a beta of 0.93. The business has a 50 day moving average of $100.46 and a 200 day moving average of $105.78.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last announced its earnings results on Thursday, January 30th. The transportation company reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.09). Canadian National Railway had a return on equity of 22.48% and a net margin of 26.09%. As a group, equities research analysts forecast that Canadian National Railway will post 5.52 earnings per share for the current year.

Canadian National Railway Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were given a dividend of $0.6159 per share. This represents a $2.46 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Monday, March 10th. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.61. Canadian National Railway’s dividend payout ratio (DPR) is 47.66%.

About Canadian National Railway

Canadian National Railway Company, together with its subsidiaries, engages in the rail, intermodal, trucking, and marine transportation and logistics business in Canada and the United States. The company provides rail services, which include equipment, custom brokerage services, transloading and distribution, business development and real estate, and private car storage services; and intermodal services, such as temperature controlled cargo, port partnerships, and logistics parks.